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Is it a good time for trading up?

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  • 21-09-2015 1:16pm
    #1
    gerry26
    Registered Users Posts: 39 ✭


    Hi All,
    I need an advice on buying a bigger house. We bought a 4 bed semidetached house 3 years back, now im looking to buy a bigger new detached house in a better area. i have a 4 yr old kid. I got my mortgage approved for 90% even though im a second time buyer.

    We both are working full time on permanent basis and have the combined income of 100 k per annum. We are happy at our current house, but it has few issues like, only one car park space, second car we have to park it on kerb. Tiny back garden. Other than that the house is bigger (1280 sq.ft), bright and modern. We are even thinking of updating the kitchen. We have the house up in the market for selling and got few thousands more than asking.

    Now im wondering should I wait until next year to buy a detached house or will I go buy a detached house which is nearly 90k above our current house. Im worried if the price will be going up every month. Im seeing it already, there is a lot of increases since the start of this year. Any advice on this is greatly appreciated. Will stick with my current house or go for a detached as in the future it will not be possible to buy a detached due to demand and price increase. Thanks


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